Dogecoin (DOGE) Price Signals Further Bullish Momentum as Elon Musk Reiterates His Long-Term Commitment

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As a seasoned crypto investor with a knack for spotting trends and a portfolio that has weathered numerous market cycles, I find myself intrigued by the recent surge in Dogecoin (DOGE). After a long hiatus, DOGE is once again flirting with its all-time high (ATH), a sight that brings back fond memories of the 2021 bull run.

After reaching a high of 36 cents for the first time since May 2021 and closing last week, Dogecoin‘s price is now trending towards a potential new all-time high in the short term. This popular meme coin, valued at approximately $56 billion when fully diluted and boasting daily trading volumes exceeding $9.3 billion, experienced a 2% increase over the past 24 hours, trading around $0.382 on Tuesday, November 19, during the mid-London session.

As a crypto investor, I’m keeping a close eye on Dogecoin right now. It seems that the price might stabilize within its current range for a while before potentially breaching the resistance level of approximately 43 cents. This pattern reminds me of what happened during the 2020/2021 bull market, where Dogecoin’s price consolidated below its all-time high (ATH) before embarking on that parabolic run. So, I’m patiently waiting to see if history repeats itself with DOGE.

Over the span of four hours, Dogecoin’s price has been holding steady in a triangle pattern that slopes downward. The lower base of this triangle is roughly at 35 cents. If Dogecoin consistently breaks above 43 cents, it could propel the meme coin toward a fresh record high.

According to crypto expert Ali Martinez, if Bitcoin‘s current trading price stays above approximately 37 cents in the near future, he predicts a mid-term goal of around 82 cents. However, this bullish forecast could be nullified if Dogecoin’s price breaks through its support level near 35 cents, potentially intensifying the ongoing correction towards the support level around 29 cents.

Dogecoin’s price movement suggests a potential surge of approximately 120%, possibly reaching $0.82, if the current support at $0.37 remains strong. This is based on the bull flag formation.

— Ali (@ali_charts) November 19, 2024

Major Factors Fueling Bullish Sentiment for Dogecoin

Despite fewer advancements relative to other first-layer blockchains, the Dogecoin network has thrived as a lively community built around meme coins. As evidenced by recent data from on-chain analysis, this network boasts more than 5.3 million individual holders, with many being small retail traders holding less than $1,000 worth of Dogecoin.

Despite the U.S. 2024 elections wrapping up recently, there’s been a persistent increase in the number of whale wallets on the Dogecoin network.

The significant backing from pro-cryptocurrency figures in the U.S., spearheaded by President-elect Donald Trump, has significantly contributed to Dogecoin’s bullish surge. Furthermore, Trump has named tech mogul Elon Musk as head of the Department of Government Efficiency (D.O.G.E), a position that mirrors the dog-themed meme coin, adding further intrigue to the cryptocurrency world.

— Elon Musk (@elonmusk) November 19, 2024

Earlier, it was verified that Musk still owns Dogecoin and expressed ongoing enthusiasm for it. As a result, the Dogecoin community expects him to incorporate this meme currency into X payments system, potentially allowing for merchandise transactions.

With an increasing number of institutional investors jumping on board, it’s Spirit Blockchain Capital Inc (CSE: SPIR), a company specializing in blockchain technology and digital asset management, that’s taking the lead. Not too long ago, they purchased Dogecoin Portfolio Holdings Corp. as part of their strategy.

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2024-11-19 14:15